Many people consider purchasing long term care insurance to help preserve assets for the future and their estate. Did you know that a portion of your annual long term care premiums are tax deductible for 2012?
For 2012, the amount you may deduct of your annual premium is based on your age:
Over 70 – $4,370
Age 61 to 70 – $3,500
Age 51 t0 60 – $1,310
Age 41 to 50 – $660
Age 40 and under – $350
Hindson & Melton LLC will work with your financial and tax advisors to assist you in coordinating an effective and informed estate and financial plan. If you do not currently have a financial or tax advisor, we can provide referrals to certified advisors in your area. Contact Karen Hindson or Joy Melton of Hindson & Melton LLC for your Georgia and South Carolina estate planning needs.
For more information about this post contact Karen Hindson.